Section 123

In this Part— “the 2013 Act” means the Financial Services (Banking Reform) Act 2013 ; “compliance failure” means a failure by a regulated person to comply with— a qualifying requirement; or a direction given under regulation 125(1); ... “general direction” has the meaning given in regulation 125(5); “general guidance” has the meaning given in regulation 134(2); “qualifying requirement” means an obligation, prohibition or restriction imposed by— regulation 61 (information on ATM withdrawal charges), Part 8 (access to payment systems and bank accounts), with the exception of the obligation imposed on the FCA by regulation 105(5) (access to bank accounts), or a direction given by the Payment Systems Regulator under regulation 125(2A); “regulated person” means a person on whom a qualifying requirement is imposed.

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Source: legislation.gov.uk · retrieved 2026-09-04